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Record PLC on Friday reported half-year revenue and pretax profit losses but maintained its interim dividend as the company noted a record number of assets under management. The London-based specialist currency and asset manager said revenue fell 9.0% to £19.2 million for the six months ended September 30, down from £21.1 million a year ago. Record said performance fees, which comprise an ‘important’ part of total revenue, fell 50% to £820,000 from £1.6 million. Describing the first half of 2026 as ‘another six months of solid performance fees’, the company attributed the decrease to a strong comparative period in the first half of 2025. Record said pretax profit fell 24% to £4.5 million from £5.9 million, driven by the lower revenues. Record reported its ‘highest ever’ AuM, which stood at $110.3 billion ‘driven by growth in underlying assets, partially offset by outflows as clients rebalanced their exposures’. This was up from $100.9 billion. The company said management fees fell 7.9% to £17.5 million from £19.0 million, following ‘the loss of a client with schemes across multiple products’. Record said administrative expenses brought down costs by 3.9% to £14.8 million from £15.4 million a year ago, which the company credited to ‘careful cost management’. The company maintained an interim dividend of 2.15 pence per share. Record said: ‘The strength of our balance sheet allows us to do this, and this decision reflects our confidence in the outlook for the business and the value that it will deliver for shareholders.’ Describing Record’s outlook, Chief Executive Jan Witte said full-year outlook ‘relative to market expectations is highly dependent on timing of closing certain projects.’ ‘But we are in the middle of an important transition to becoming a business with higher margins and long-term recurring revenues, which will deliver sustained growth and increased value,’ Witte added. Witte said: ‘Our core business delivered another healthy performance this half. AuM ended the half at the highest level we have ever reported following positive underlying asset growth and good inflows into our growing Solutions for Asset Managers business. Performance fees were £0.5 million in the quarter, bringing the total for the first half of the year to £0.8 million. ‘But although not yet reflected in our AuM, it is in our Private Markets segment where new business momentum has been strongest. We have completed the first deployment of capital from the Record Infrastructure Equity fund, with a second deployment also signed. And we continue progress towards closing the world’s first ever Sharia-compliant Deep Tier Supply Chain Finance fund.’ Shares in Record fell 4.7% to 56.05 pence a share on Friday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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